Вестник Самарского государственного экономического университета

Вестник самарского государственного экономического университета
Vestnik of Samara State University of Economics

2025 №2 (244)

ECONOMIC THEORY

Gaynutdinov V.R.

Evolution and essence of the residential real estate market in the global economy

Abstract. The article investigates the evolution and essence of the concept of "real estate market" in the global economy. It is noted that the housing market is balanced in a specific competitive framework, formed under the influence of certain factors. At the same time, the demand for residential real estate in the global market is a complex interaction of various factors on a global scale, reflecting the dynamic nature of the real estate sector. The key factors influencingthe demand in the global residential real estate market are systematized.
Keywords: real estate market, residential real estate, global economy, demand, supply. Highlights: - the residential real estate market has a direct impact on economic growth. Thus, a stable functioning real estate market stimulates the construction and manufacturing sector, creates jobs and makes a significant contribution to the gross domestic product of the country. Studying the experience of the real estate sector development in various countries can help identify successful strategies that contribute to the growth of the Russian housing market. Such an approach can also be useful in the development of social state housing affordability programs, which can contribute to the effectiveness of housing policy in Russia; - real estate is one of the most significant assets, which is most exposed to global monetary and credit conditions, as well as investment activity. In turn, this sector has the ability to have a significant impact on the development of both the national and global economies; - the real estate market is a multifaceted entity that includes economic, legal and material aspects. The real estate market serves as a platform for interaction between sellers and buyers of tangible assets in accordance with legal norms and under the influence of market forces. The organized nature of transactions, investments and the role of the market as a branch of the country`s economy emphasize its significance in the overall economic system; - the global residential real estate market is a global economic space in which residential real estate transactions are carried out and which is influenced by international economic trends.

Email:	tekalO@mail.ru
Сведения:	Vadim R. Gaynutdinov - Kazan (Volga Region) Federal University, Kazan, Russia

Gao Luping

Development of approaches to the formation of effective models of international trade

Abstract. The work presents a classification of international trade models. The prevalence of economic and mathematical models of international trade is shown, within the framework of which the nature of the relationship between quantitative criteria reflecting various aspects of development of interstate trade and economic cooperation is usually analyzed. It is noted that organizational relations associated with the export or import of traditional goods can also be innovative, for example, international trade processes that include elements of outsourcing, crowdsourcing, virtual interstate franchising, etc.
Keywords: international trade, world economy, foreign trade turnover, neoinstitutionalism, paradigm. Highlights: - the international trade model is a complex of interrelated, most significant elements of the process of foreign trade activity, mechanisms for the implementation of interstate trade and economic operations, organizational structures, methods of regulating the functioning of companies engaged in foreign trade activities, norms and standards of their development, aimed at ensuring long-term, sustainable growth in the effectiveness of this area of global economic cooperation; - the directions of influence of digitalization on the transformation of the functioning and development of international trade models, typical for the current stage of the evolution of post-industrial financial and economic relations, including those related to the modernization of development strategies of such models, acceleration and increase in the transparency of export-import operations carried out within their framework, rationalization of financial and personnel support for international trade models, more complete use within their framework of the potential of virtual outsourcing and crowdsourcing, are systematized.

Email:	gluping@mail.ru
Сведения:	Gao Luping - Kazan (Volga Region) Federal University, Kazan, Russia

Fenin K.V., Smirnov A.V., Tkacheva M.N.

A brief history of the three long stages of the scientification of economic knowledge

Abstract. The article presents a narrative history of the development of the economy as a process of its scientification - the acquisition of features that, under certain historical conditions, were characteristic of academic knowledge. The definition of scientization as a process of development of various fields of knowledge, acquiring rigor in the presentation of their provisions, subject area, methodology and practical significance is formulated. It is shown that within the framework of the narrative, a relevant presentation of the main stages of the evolution of economics is feasible. The sections of economic knowledge are designated: didactic (educational, school), popular science and expert economics, not included in the classification of J.N. Keynes. The distinctive features of economics are highlighted: randomness in the genesis, complexity of the structure, pluralism, long-term dominance of the ethical (normative, regulatory) component in science, the paucity of the main ways to prove economic hypotheses.
Keywords: economic knowledge, genesis, development, scientization, art, science, postmodernism. Highlights: - economic knowledge has now gone through three stages of scientization, developing co-evolutionarily, that is, together with other areas of theoretical and applied knowledge; - the structure of economic knowledge is complex and includes, in addition to normative, positive and political components, also didactic, popular science and expert components; - economics continues to develop, combining features of science and art, which makes it very adaptive to solving practical problems.

Email:	fenin.kir@yandex.ru; aleksei.smirhov2005@icloud.com; mariatkacheva49@gmail.com
Сведения:	Kirill V. Fenin, Aleksey V. Smirnov, Maria N. Tkacheva - Saratov National Research State University named after N.G. Chernyshevsky, Saratov, Russia

WORLD ECONOMY

Liventsev A.N.

Greenwashing antagonism on SRI examples: modern approaches to detection and prevention

Abstract. Attracting capital, increasing competitiveness, minimizing reputational and regulatory risks, avoiding pressure from governments and international organizations - all these factors encourage organizations to adjust their development strategies towards socially responsible investment (SRI). The diversity of terms associated with the sustainability agenda, combined with changing investor expectations of SRI-related concepts, increases the likelihood of misuse of funds and misuse of terms (greenwashing), which may affect the credibility, demand and dynamics of SRI instruments. The relevance of the research topic is supported by the intensification of international organizations in dealing with SRI misinformation claims. Despite the annual growth rate of academic research, it focuses on the review of greenwashing of production processes, while the pattern of its formation, approaches to detection and prevention in SRI remain under-researched. In this study, the author aims to obtain a comprehensive overview of current approaches to detecting and preventing greenwashing. The methodological and theoretical basis of the research is the use of system analysis, which allows to ensure the integrity of the research, empirical and theoretical scientific methods (induction and deduction) are applied. It is noted that the most developed in the world is the ecological taxonomy of the European Union, on the basis of which draft laws on labeling SRI instruments are being developed. International organizations and regulators need each other`s assistance in developing and creating common standards and international certification systems to increase transparency and reliability of company practices. An independent audit should be carried out for control purposes. The article investigates trends in SRI`s anti-greenwashing practices, and determines the attractiveness of SRI indexes for risk-averse investors.
Keywords: greenwashing, green taxonomy, ESG bonds, socially responsible investing, SRI, investment, indices, risk, return. Highlights: - the uncertainty of the theoretical component provides benefits for organizations in the form of reducing regulatory risks, the possibility of greenwashing, while creating a company image that meets the current agenda; - to combat greenwashing practices, global cross-national organizations approve and improve taxonomies, create labels, standards for the emission of SRI instruments, conduct intensive work on the methodology of ESG-principles; - standards are being developed to regulate the terms of use of the proceeds of SRI instruments before maturity and after; - in order to control transparency and reliability of ESG practices, compliance with labelling, independent verification and certification should be carried out, however, at the moment there are different requirements for ESG disclosure at the international and national level, which may not correlate completely with each other.

Email:	Iiventsevandrey98@gmail.com
Сведения:	An drey N. Liventsev - Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation, Moscow, Russia

REGIONAL AND SECTORAL ECONOMY

Afonin S.E.

Analysis of the impact of innovative technologies on the sustainability of regional economic systems

Abstract. The work is based on the assumption that innovative development is inextricably linked to the development of regional economic systems, which is expressed in terms of the subjects of the federation by a number of statistical indicators, among which the most important is the GRP expressed per capita, as well as its dynamics, since innovative development is not a static phenomenon and may not lead to immediate results in this year. It would be reasonable to evaluate not only the actual value of GRP in statics, but also its accumulated change over a long period. However, despite the apparent logic of this hypothesis, it has found only partial confirmation. Regression analysis of regional indicators revealed a correlation only between unemployment rates and the innovative development of organizations in the subjects of the federation, as well as the dependence of socio-economic development indicators on the use of advanced production technologies. We attribute this to a large number of factors affecting economic performance and the fact that innovative development among them is far from decisive. However, the presence of more innovatively developed enterprises is obviously a competitive advantage of regional economic systems, which is reflected in higher quality indicators of regression models related to the impact of innovations on the unemployment rate.
Keywords: analysis, unemployment, influencing factors, GRP, innovation, regions, regression, statistical indicators, economy. Highlights: - innovative development is not only an end in itself of public-private planning, but should serve the goals of economic growth and well-being, which is reflected in individual socio-economic indicators and their correlation with innovations in the economy; - the most important characteristics of innovative development are innovative expenditures, which lead to an increase in the number of advanced production technologies used, the effect of them in the form of innovative products, and, of course, innovative people, without whom scientific and technological progress is unthinkable; - we assume the existence of a correlation between the parameters of innovative activity, its result in the form of innovative products, and the number of personnel engaged in innovative research activities.

Email:	afoninsl307@rambler.ru
Сведения:	Sergey E. Afonin - MIREA - Russian Technological University, Moscow, Russia

Beloborodova A.L.

The evolution and current trends in the development of marketing research

Abstract. Currently, the issue of the boundaries of combiningtraditional and modern methods of marketing research is debatable. The answer to this question is impossible without understanding how marketing research has evolved. A significant number of scientific papers are devoted to the review and study of new marketing research tools, but only a few authors focus on the need for a competent combination of traditional and innovative tools. The purpose of this work is to study the history of the development of marketing research, determine their place in the activities of a modern enterprise, identify the most significant trends and predict the results of the integration of classical and innovative methods of marketing research. The research methods include methods of collectingand processingsecondary information: the method of traditional (classical) analysis and formalized methods - content analysis, information and target analysis. The basics of the concept of "marketing research" are considered. The author`s definition of the term is formulated taking into account its compliance with modern market realities. The evolution of the development of marketing research in the context of decades since the late 1950s to the present is described. The stages of the evolution of marketing research and the development of the marketing concept are compared. The specifics of the formation and development of marketing research in Russia are reflected. The article highlights the issue of the current state of the industry and the legislative aspects of the functioning of foreign research companies in the Russian market. This issue is relevant for the government of the country in relation to the current political and economic situation. The trends of marketing research, which will be actively developed in the coming years, are analyzed. Considerable attention has been paid to the development of research in the online environment, and its prospects and scope have been assessed. The issue of the development of neurotechnolo-gies and neuromarketing research is considered, the possibilities of these techniques are outlined and the emerging limitations are noted. The issue of cognitive safety and the need for the formation of cognitive immunity of society is raised. The dynamics of the development of the synthetic information sector has been studied. In conclusion, the author comes to the conclusion that modern challenges lead to a serious transformation of the market of marketing research, an increase in the level of interdisciplinarity and the need to combine traditional and modern tools in order to achieve maximum effect for business.
Keywords: marketing research, evolution, neuromarketing research, synthetic data, research companies. Highlights: - the main theses reflectingthe interpretation of the concept of "marketing research" have been supplemented, taking into account the challenges posed by the market and modern technologies. In the author`s interpretation, marketing research is a continuous and optimally formalized process of collecting, processing and analyzing data necessary for making managerial decisions within the area of marketing responsibility, within the optimal time frame for achieving goals and in compliance with all legal norms; - the main stages of the development of marketing research are highlighted and characterized, the main limitations that arise in each individual period are identified, and further development prospects are formulated; - the stages of marketing research development and the evolution of the marketing concept are compared; - the main trends in the development of marketing research are identified, and the difficulties that arise in the way of their development are outlined.

Email:	a-beloborodova@mail.ru
Сведения:	Anastasia L. Beloborodova - Institute of Management, Economics and Finance of Kazan (Volga Region) Federal University, Kazan, Russia

Dadykin V.S., Dadykina O.V., Timoshkin V.M.

Ontology of calculating the availability of mineral resources for solid minerals

Abstract. In modern conditions, the performance of prospectingand geological exploration becomes possible only after a thorough economic assessment. The ontology of a subject area is considered from the perspective of numerous researchers as a way of formally describing a given subject area, designed for an unambiguous interpretation of terms within its limits. In relation to the sphere of subsurface use, the creation of an ontology is especially relevant due to the significant amount of accumulated information resources. When conducting geological exploration, prospectingand exploration of the subsurface, it is necessary to rely on the existing basis of geological knowledge of a territory. In the process of performing an economic assessment on solid minerals, it is necessary to take into account the indicators of annual productivity in extraction and processing, losses, dilution, etc. These indicators affect both the current state of reserves in terms of the dynamics of their repayment, and the need for geological exploration in terms of the prompt elimination of the resultingshortage. At the same time, some indicators, such as the dimension of the object, the complexity of its development, the consumer properties of raw materials, and its natural quality, have a pronounced qualitative component in the evaluation process, which determines the need to involve experts. That is why the construction of an ontological model will make it possible to consolidate both quantitative and qualitative characteristics of the research object within a single structure. In this paper, an attempt is made to determine the availability of exploited raw materials using an abstract array of data on the available geological study of the territory using an ontological model.
Keywords: ontology, mineral resource complex, solid minerals, economic efficiency assessment. Highlights: - the economic assessment of mineral resources for solid minerals includes a number of quantitative and qualitative indicators that are quite difficult to combine into a single system, consolidate in calculations, and then compare several promising objects with each other; - consolidation of clear (quantitative) and fuzzy (qualitative, expert) assessments is necessary in the field of subsurface use due to the need to dynamically assess the availability of reserves by types of raw materials and by certain taxonomic units (from the territory of a locality to the territory of an entire region); - for the purposes of calculating the availability of raw materials, quantitative indicators include indicators of annual productivity in extraction and processing, losses, dilution, etc., qualitative indicators include, in relation to the object of research, the dimension of the object, the complexity of its development, the consumer properties of raw materials, and its natural quality.

Email:	Dadykin88@bk.ru; Atamanova_281287@mail.ru; timoshkin.vitalik@yandex.ru
Сведения:	Valery S. Dadykin, Olga V. Dadykina, Vitaly M. Timoshkin - Bryansk State Technical University, Bryansk, Russia

Naugolnova I.A.

Application of information technologies in auditing: theoretical and practical approaches

Abstract. The relevance of this study is driven by the necessity and opportunity to enhance the quality and improve various characteristics of auditing in the context of digitalization. The primary focus of the research is on the integration of artificial intelligence (Al) and big data technologies, capable of automating complex processes and minimizing risks associated with human factors. The aim of the study is to develop a model for integrating information technologies into audit processes. Special attention is given to the use of Russian digital solutions, which are functionally comparable to their foreign counterparts. The methodological basis of the study includes an analysis of scientific literature and practices of leading global audit firms (PwC, KPMG, Deloitte, EY), as well as a comparative analysis of the use of digital technologies in auditing. The result is the development of mathematical models and algorithms that minimize errors in identifying anomalous transactions and enhance the accuracy of audit procedures. The conclusion highlights the prospects for integrating Al and big data into auditing. The article also identifies limitations and risks associated with modern technologies and offers recommendations to mitigate them for successful IT integration into the company`s operations.
Keywords: audit, audit procedures, audit quality, audit process, audit reviews, transactions, information technologies, artificial intelligence. Highlights: - integrating information technologies into auditing requires a comprehensive approach, combining Al and big data technologies; - the digitalization of auditing based on Russian IT solutions not only aims to ensure technological independence but is also functionally on par with foreign counterparts at the current stage; - the application of Al minimizes human factor risks, reduces audit costs, and increases verification accuracy; - the main risks and limitations of Al and big data technologies stem from technological barriers, insufficient digital maturity of companies, and issues related to data security and confidentiality; - the developed model and algorithms are adapted to the specifics of auditing but can be modified for the application in management analysis and other related fields.

Email:	naugolnovaia@mail.ru
Сведения:	Irina A. Naugolnova - Samara State University of Economics, Samara, Russia

Rusakova E.V.

Economic security of the enterprise: model and methods of ensuring

Abstract. The article investigates theoretical and practical aspects of ensuring the economic security of enterprises, on the example of an enterprise of metallurgical complex. At present, ensuring the economic security of metallurgical enterprises is a government priority, which provides the relevance of the research topic. The problems of economic security and growth of metallurgical production are of practical importance. The solution to this problem is to form a model of economic security and determine the methods of its provision. The objective of the study was to summarize and systematize the most effective methods of ensuring the economic security and develop suggestions on how to improve its management on the basis of the study. Based on the results of the study, the key conclusions are as follows: the level of economic security of PJSC Norilsk Nickel is at a sufficient level; the risk management system is being improved and the methods of threat minimization are being upgraded to reduce the degree of risk impact; the risk management and internal control policy are being improved and implemented; the company has unrealized potential to improve the level of economic security with the implementation of various measures. In general, PJSC Norilsk Nickel was able to adapt to the new business environment, the company is developing dynamically, and its products are in demand and competitive in Russia and abroad.
Keywords: economic security of the enterprise, types of threats, model of the complex system of economic security of the enterprise, methods of protection and provision of economic security of economic subjects. Highlights: - the main types of threats to economic security are grouped and their signs are identified; - the functional sequence of ensuring the economic security of the enterprise has been built; - a model of a comprehensive enterprise economic security system has been built; - the main approaches and methods of protecting the economic security of enterprises are grouped; - proposals have been formulated to improve the methods of managing the economic security system for a metallurgical enterprise.

Email:	rusakova_e_v@maiI.ru
Сведения:	Ekaterina V. Rusakova - Samara State University of Economics, Samara, Russia

107

FINANCE, MONEY CIRCULATION AND CREDIT

Salimbaeva Sh.D.

The evaluation of the productivity of expenditures to budget programs in the Republic of Kazakhstan

Abstract. This article investigates the evaluation of the productivity of expenditures to budget programs on the example of the Republic of Kazakhstan. The reasonableness of budget expenditures is a fundamental factor in the further growth of the economy of any country. The applicability of the result-oriented budgeting model is theoretically justified, and a methodology for evaluating the content of budget programs according to the block of evaluating their productivity is developed. The approbation was carried out using the example of 61 budget programs of the Ministry of Health and the Ministry of Science and Higher Education of the Republic of Kazakhstan for 2023-2025. The results showed the inconsistency of the assessment methods used, since 61% of the programs do not contain productivity indicators corresponding to the goals and objectives, and the assessment methodology does not meet the standards. In the discussion of the identified problems, recommendations are proposed for the development of a methodology for evaluating the productivity of budget programs, including with regard to the assessment of the expenditure side.
Keywords: budget programs, state budget, government expenditures, result-oriented budgeting, budget policy. Highlights: - an analysis of the existing practice of evaluating budget programs revealed the inconsistency of the assessment methods used, since most programs do not contain performance indicators that correspond to the goals and objectives, and the assessment methodology does not meet the standards; - the study of existing methods has shown that they lack a mathematical apparatus, and productivity is equated to a direct result; - to develop a methodology for evaluating the effectiveness of budget programs, recommendations on the mandatory use of quantitative and qualitative indicators, mathematical tools for calculating performance rather than direct results, as well as strict formalization of goals, objectives and targets in accordance with the available scientific base should be fixed at the regulatory level.

Email:	sh.salimbaeva@mail.ru
Сведения:	Sholpan D. Salimbaeva - West Kazakhstan Innovation and Technological University, Uralsk, Republic of Kazakhstan

117

Chekunkova I.A., Brichka E.I.

Modern trends in the development of the alternative lending market in Russia

Abstract. The article analyzes new mechanisms for placingand attracting capita I in Russia, and, primarily, alternative lending. Such types asfintech lendingand crowdfundingare considered, which are a special mechanism for providing loans without a competent intermediary, where the responsibility for assessing the borrower`s solvency falls directly on the lender. The research methodology is based on the use of graphical analysis methods, comparative analysis of empirical data, and the index method. The conducted analysis allowed the authors to identify the main trends in the development of the Russian crowdlending and fintech lending market: growing demand for online lending; development of embedded finance technologies; competition between fintech companies and traditional financial institutions on equal terms; growth in lendingvolumes in the crowdlending segment and the average loan amount in the context of an excess of creditors over the number of borrowers; as the crowdlending market develops, the level of its concentration increases; the main category of creditors in crowdlendingare individuals, and borrowers are representatives of small and medium businesses. It is concluded that alternative lending methods are notable to displace traditional lending mechanisms to a significant extent, with fintech lending being able to compete with traditional lending institutions, while crowdfunding platforms are not so much competing with traditional financing methods, but are an alternative that is particularly attractive to SMEs as lenders.
Keywords: fintech lending, crowdlending, financial technologies, alternative lending, market concentration index. Highlights: - it was revealed that lending as a segment occupies the smallest share of the Russian fintech market in the conditions of growth of fintech companies` performance indicators; - there is analysis of the dynamics of the main parameters of the crowdfunding market (quarterly growth rates of the volume and number of loans issued, as well as the average loan amount on Russian investment platforms), as well as the structure of the participants of transactions on the market; - promisingdirections for the development of fintech lendingwere identified, consisting in the possibility of integrating their functionality into other segments of alternative financing, as well as the crowdfunding market, which are based on the special positioning of the organizers of investment platforms in the credit market in the niche of retail investments in small and medium-sized business projects.

Email:	iakolesnik@mail.ru; ktyxbr@inbox.ru
Сведения:	Inna A. Chekunkova, Elena I. Brichka - Rostov State University of Economics, Rostov-on-Don

127

ECONOMIC THEORY

WORLD ECONOMY

REGIONAL AND SECTORAL ECONOMY

FINANCE, MONEY CIRCULATION AND CREDIT